EN 
PT_BR 
Soybean prices are following different trajectories between the international and Brazilian markets. In Chicago, the grain has accumulated its second consecutive increase, driven mainly by the appreciation of soybean oil. In Brazil, May was marked by a decline in prices, reflecting the reduction in export premiums and the appreciation of the real against the dollar.
Photo: Alvaro Rezende
According to the June Agro Monthly Bulletin, published by Itaú BBA's Agro Consulting, soybean futures contracts appreciated by 0.5% on the Chicago Stock Exchange between June 1 and 16, reaching US$ 10.51 per bushel. The increase was sustained by the increase in soybean oil prices, in response to the signal that the United States may extend the biodiesel use mandate above expectations for the next two years, which should increase the demand for oil derivatives. In addition, the escalation of the conflict between Israel and Iran caused oil prices to soar, which also reflected in the appreciation of soybean oil.
Despite the positive scenario abroad, domestic prices fell in May. At the port of Paranaguá, soybeans fell 1.4%, closing the month at R$ 133 per bag. The movement was influenced both by the devaluation of premiums and by the appreciation of the real, which reduced the competitiveness of the Brazilian product.
However, the combination of a new high in Chicago and the recovery of export premiums partially reversed the situation at the beginning of June: until the first half of the month, prices rose 1% at the same port, reaching R$ 134 per bag.
Brazil's soybean exports also showed variation. In May, shipments totaled 14.1 million tons, down 8% compared to April, as expected, due to the
Photo: Geraldo Bubniak
seasonal behavior, but still 5% above that recorded in May 2024. Historically, export volumes gain pace in the first months of the year and peak in April, gradually slowing down thereafter.
Even with the monthly decline, the accumulated total for the first five months of 2025 points to a record performance. The country exported 51.5 million tons of soybeans between January and May, a volume 2.7% higher than the same period last year. The consistent pace reinforces the expectation that Brazil will set a new annual record for exports of the oilseed.
